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Wells Fargo & Co. said Wednesday that it has agreed to 'adopt' all three Cooke & Bieler mutual funds, with total assets of $500 million, as of Feb. 29.

Philadelphia-based Cooke & Bieler will continue to manage the three funds through a sub-advisory agreement with Wells Fargo Funds Management. Teaming up with Wells Fargo will allow Cooke & Bieler to take its portfolio management strategy to the broader Wells Fargo client base.

The funds to be adopted are the C&B Large Cap Value Fund, the C&B Mid Cap Value Fund and the C&B Tax-Managed Value Fund.

The adoption is expected to be finalized mid-year, subject to the approval of shareholders of the Cooke & Bieler Funds.

Wells Fargo Funds Management, the investment adviser to the Wells Fargo Funds, which is the nation's 28th largest mutual fund manager with more than $74 billion in mutual fund assets under management.

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